Mersana Therapeutics, Inc. (MRSN) Revenue History
Annual and quarterly revenue from 2015 to present
MRSN Revenue Over Time (2015–2024)
MRSN Revenue Growth History
5 of 9 years with positive growth- FY2015 revenue growth
- N/A
- FY2016 revenue growth
- +143.0%
- FY2017 revenue growth
- -30.3%
- FY2018 revenue growth
- -39.6%
- FY2019 revenue growth
- +297.6%
- FY2020 revenue growth
- -98.0%
- FY2021 revenue growth
- -94.8%
- FY2022 revenue growth
- +61716.3%
- FY2023 revenue growth
- +38.7%
- FY2024 revenue growth
- +9.9%
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2025 | $11.0M | -12.6% |
| Q2 2025 | $3.1M | +33.3% |
| Q1 2025 | $2.8M | -70.2% |
| Q4 2024 | $16.4M | +52.9% |
| Q3 2024 | $12.6M | +63.7% |
| Q2 2024 | $2.3M | -78.5% |
| Q1 2024 | $9.2M | +18.5% |
| Q4 2023 | $10.7M | -27.1% |
Multi-year avg. share of annual revenue by fiscal quarter
MRSN Revenue Analysis (2015–2024)
Current Revenue & Growth
As of June 23, 2026, Mersana Therapeutics, Inc. (MRSN) generated trailing twelve-month (TTM) revenue of $33.2 million, reflecting significant decline in growth of -12.6% year-over-year. The most recent quarter (Q3 2025) recorded $11.0 million in revenue, up 260.2% sequentially.
Historical Growth Trajectory
MRSN's 5-year compound annual growth rate (CAGR) stands at -0.8%, indicating revenue contraction over this period. The 3-year CAGR of +880.2% exceeds the 5-year average, indicating an acceleration in the most recent period. Mersana Therapeutics, Inc.'s highest annual revenue of $42.1 million was recorded in 2019.
Peer Comparison
Compared to Healthcare sector peers — including RCUS (+67.4% YoY), SNDX (+396.7% YoY), and AGEN (+24.5% YoY) — MRSN has underperformed the peer group in revenue growth. Compare MRSN vs RCUS →
MRSN Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| MRSNCurrent | $33M | -12.6% | -0.8% | -181.1% | |
 RCUS | $247M | +67.4% | +25.9% | -156.3% | |
 SNDX | $172M | +396.7% | +157.7% | -158.4% | |
 AGEN | $114M | +24.5% | +5.3% | -18.0% | |
 TGTX | $616M | +81.3% | +426.7% | 20.0% | |
 NKTR | $55M | -36.2% | -18.4% | -236.8% |
MRSN Historical Revenue Data (2015–2024)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2024 | $40.5M | +9.9% | $40.5M | 100.0% | $-73,336,000 | -181.1% |
| 2023 | $36.9M | +38.7% | $36.9M | 100.0% | $-170,957,000 | -463.9% |
| 2022 | $26.6M | +61716.3% | $26.6M | 100.0% | $-203,767,000 | -766.6% |
| 2021 | $43K | -94.8% | $43K | 100.0% | $-168,858,000 | -392693.0% |
| 2020 | $828K | -98.0% | $-66,208,000 | -7996.1% | $-155,146,000 | -18737.4% |
| 2019 | $42.1M | +297.6% | $42.1M | 100.0% | $-30,200,000 | -71.7% |
| 2018 | $10.6M | -39.6% | $-49,321,000 | -465.6% | $-65,655,000 | -619.7% |
| 2017 | $17.5M | -30.3% | $16.6M | 94.7% | $-39,617,000 | -225.8% |
| 2016 | $25.2M | +143.0% | $-6,837,000 | -27.2% | $-13,821,000 | -54.9% |
| 2015 | $10.4M | - | $-10,994,000 | -106.1% | $-16,341,000 | -157.7% |
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
11+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
MRSN — Frequently Asked Questions
Quick answers to the most common questions about buying MRSN stock.
Is MRSN's revenue growth accelerating or slowing?
MRSN revenue is declining -12.6% year-over-year. TTM revenue fell to $33M, contrasting with the 5-year CAGR of -0.8%. The reversal reflects either macro headwinds or company-specific challenges.
What is MRSN's revenue history from 2015 to 2026?
Mersana Therapeutics, Inc. (MRSN) revenue history spans 2015 to 2026. TTM revenue as of 2026 is $33M, growing at -12.6% YoY. The 5-year CAGR is -0.8%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is MRSN's long-term revenue growth rate (CAGR)?
Mersana Therapeutics, Inc.'s 5-year revenue CAGR of -0.8% reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -12.6% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for MRSN.
Why does MRSN's quarterly revenue fluctuate?
MRSN quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Mersana Therapeutics, Inc.'s revenue data from 2015 to 2026 shows full historical quarterly detail on this page.
How is MRSN's revenue distributed by segment?
MRSN reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does MRSN's revenue compare to industry peers?
Mersana Therapeutics, Inc. (MRSN) with TTM revenue of $33M and -12.6% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.